He's in his late 80s and he tells me he just wants to sell cause he doesn't have much time left.Anyone have a good way to structure this deal?

Sued for specific performance or damages.

Talk about Stress and seeing people ruined.. as a lender we have to bring out the bat and go after our money and collateral.. the damage was the LA based investors.. but who saw this coming I had done 1600 plus of these successfully. 

We did the inspection, paid for the inspection(  because the seller asked tenants to give access to the inspector, first time one tenant fail to do so, the inspector have to go to that unit on the second trip, cause us $150 more for the inspection), and requested the seller provide lease, which should have information for the deposit tenant paid, the rent, etc.

OK, you're gonna wanna develop a little rapport with your seller, 'cause you're gonna want to negotiate.

Probably around a 14% cap rate and you may be able to work it better cause I went with higher numbers for purchase price, etc...

If it was caused by the tenant and is not normal wear and tear, I would think they are responsible for it.

We had some hail damage on the rental from that storm that came through a few weeks ago, need to see how that pans out.

The issue is if the attorney only sues the owner of the property an additional insured endorsement alone will not cause the policy to recognize a claim.

If you have a disaster, Fema and insurers will write you a letter and tell you that your damage was a preexisting issue so you only will get half of replacement cost.